مقاله انگلیسی رایگان در مورد تجارت اعتباری تجاری اروپا و بقای SME (الزویر)

Small and medium sized enterprises (SMEs) are more dependent on bank finance and are more vulnerable to financing constraints (Beck, Demirgüç-Kunt and Maksimovic, 2008; Stiglitz and Weiss, 1981), which increased markedly as a result of the recent banking crisis (Ryan, O’Toole and McCann, 2014). Under these conditions, survival can depend on the actions of financially unconstrained creditors who can extend additional trade credit and/or relax payment terms to their financially constrained counterparts. The financial crisis, and the subsequent economic downturn, led to an increase in firm exits, many of which were involuntary. For example, in 2009, the number of SMEs in the EU fell by 290,000, resulting in the loss of over 650,000 jobs. In the same year, the US population of SMEs2 fell by over 150,000 resulting in the loss of 2.8 million jobs (European Commission, 2013). This has resulted in a greater policy focus on the role of financing on the survival of SMEs (e.g., Survey on the Access to Finance of Enterprises (SAFE), 2009-2016), and highlighted the need for evidence from large sample empirical research.